Changes in Wall Street price targets usually arrive in small increments. A few dollars up, a few dollars down, and sometimes a rating left untouched.

UBS skipped that script with Jazz Pharmaceuticals (JAZZ).

On May 19, UBS analyst Ashwani Verma upgraded Jazz Pharmaceuticals two notches, from neutral straight to buy, and lifted his price target to $307 from $188. That is a 63% jump in one move, and it sits well above the prior analyst consensus of roughly $242.

For a stock that has already climbed 39% year to date and more than 100% over the past year, that kind of reset is worth a closer look.

Why UBS raised its Jazz Pharma stock price target now

Timing is what separates this call from a routine upgrade.

Verma’s…